Local home prices continue to be higher than they were a year ago, but not by much. So says a report released Wednesday by the Greater Las Vegas Association of REALTORS® (GLVAR)....The total number of existing local homes, condos and townhomes sold during July was 3,883. Compared to one year ago, July sales were down 0.8% for homes and down 5.9% for condos and townhomes....By the end of July, GLVAR reported 7,808 single-family homes listed for sale without any sort of offer. That’s up 63.1% from one year ago. For condos and townhomes, the 1,864 properties listed without offers in July represented a 112.3% jump from one year ago.

While the local housing supply is up from one year ago, Carpenter said it’s still below what would normally be considered a balanced market. At the current sales pace, she said Southern Nevada still has less than a three-month supply of homes available for sale....The number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for just 2.0% of all existing local property sales in July. That compares to 2.9% of all sales one year ago and 6.4% two years ago.emphasis added

1) Overall sales were down 1.8% year-over-year to 3,883 in July 2019 from 3,955 in July 2018.

2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 5,665 in July 2018 to 9,752 in July 2019. Note: Total inventory was up 71% year-over-year. This is a significant increase in inventory, although months-of-supply is still somewhat low.